CBN Reintroduces Controversial Cybersecurity Levy @ 0.005 Percent in New Guidelines

Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005 per cent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

Yemi Cardoso, Governor, CBN

The apex bank disclosed the levy’s reintroduction it abandoned in May, in a policy document issued on dated September 17, 2024.

The cybercrime levy is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cyber security infrastructure.

According to CBN,  the revenue from the levy would be directed to a cybersecurity fund to support efforts to safeguard electronic transactions.

CBN said: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, by the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”

The bank restates the minimum cybersecurity baseline for banks and financial institutions.

The new guidelines also reaffirm the bank’s commitment to ensuring that banks, financial institutions, and payment service providers abide by the minimum cybersecurity standards.

CBN insist on the appointment of Chief Information Security Officers to oversee cybersecurity issues in line with the 2022 risk-based cybersecurity framework.